D) Provisions, contingent liabilities and
contingent assets

Provisions represent liabilities for which the
amount or timing is uncertain. Provisions are
recognized when the company has a present
obligation (legal or constructive), as a result of

past events, and it is probable that an outflow of
resources, that can be reliably estimated, will be
required to settle such an obligation.

If the effect of the time value of money is material,
provisions are determined by discounting the
expected future cash flows to net present value
using an appropriate pre-tax discount rate that
reflects current market assessments of the
time value of money and, where appropriate,
the risks specific to the liability. Unwinding of
the discount is recognized in the statement
of profit and loss as a finance cost. Provisions
are reviewed at each reporting date and are
adjusted to reflect the current best estimate.

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non occurrence
of one or more uncertain future events beyond
the control of the Company or a present
obligation that is not recognised because it
is not probable that an outflow of resources
will be required to settle the obligation. A
contingent liability also arises in extremely
rare cases where there is a liability that cannot
be recognised because it cannot be measured
reliably. The Company does not recognize a
contingent liability but discloses its existence in
the financial statements.

Contingent assets are not recognised but
disclosed in the financial statements when an
inflow of economic benefits is probable.

!) Employee benefits

i) Short term employee benefits

Employee benefits payable wholly within
twelve months of receiving employee
services are classified as short-term
employee benefits. These benefits include
salaries and wages, performance incentives
and compensated absences which are
expected to occur in next twelve months.
The undiscounted amount of short-term
employee benefits to be paid in exchange
for employee services is recognised as an
expense as the related service is rendered
by employees.

Defined contribution plan (Post
Employment benefits)

A defined contribution such as Provident
Fund etc, are charged to statement of profit
& loss as incurred.

ii) Defined Post-Employment benefits

Post employment and other long-term
benefits are recognized as an expense
in the statement of Profit and Loss of the
year in which the employees has rendered
services. The Expense is recognized at
the present value of the amount payable
determined using actuarial valuation
technique. Actual gain and losses in respect
of post employment and other long term
benefits are recognized in the statement of
Profit and Loss.

Payments to defined contribution
retirement benefits schemes are charged
as expenses as and when they fall due.
Acturial gain/ loss pertaining to gratuity and
post separation benefits are accounted for
in OCI and deferred tax is calculated on the
same.

I Earnings per share

i) Basic earnings per share

Basic earnings per share is calculated by
dividing the profit attributable to owners
of the Company by the weighted average
number of equity shares outstanding at
the end of the financial year, adjusted for
bonus and split elements in equity shares
issued during the year.

ii) Diluted earnings per share

Diluted earnings per share adjusts the
figures used in the determination of basic
earnings per share to take into account the
after income tax effect of interest and other
financing costs associated with dilutive
potential equity shares, and the weighted
average number of additional equity
shares that would have been outstanding
assuming the conversion of all dilutive
potential equity shares.

G) Taxes

i) Current income tax

Current income tax assets and liabilities
are measured at the amount expected to
be recovered from or paid to the taxation
authorities. The tax rates and tax laws used
to compute the amount are those that are
enacted or substantively enacted, at the
reporting date.

Current income tax relating to items
recognised outside the statement of profit
and loss is recognised either in other
comprehensive income or in equity. Current
tax items are recognised in correlation to
the underlying transaction either in OCI or
directly in equity. Management periodically
evaluates positions taken in the tax
returns with respect to situations in which
applicable tax regulations are subject to
interpretation and establishes provisions
where appropriate.

ii) Deferred tax

Deferred tax is provided using the liability
method on temporary differences between
the tax bases of assets and liabilities
and their carrying amounts for financial
reporting purposes at the reporting date.
Deferred tax liabilities are recognised for
all taxable temporary differences, except
when it is probable that the temporary
differences will not reverse in the
foreseeable future.

Deferred tax assets are recognised for
all deductible temporary differences, the
carry forward of unused tax credits and any
unused tax losses. Deferred tax assets are
recognised to the extent that it is probable
that taxable profit will be available
against which the deductible temporary
differences, and the carry forward of
unused tax credits and unused tax losses
can be utilized.

The carrying amount of deferred tax assets
is reviewed at each reporting date and
reduced to the extent that it is no longer
probable that sufficient taxable profit will be

available to allow all or part of the deferred
tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at
each reporting date and are recognised
to the extent that it has become probable
that future taxable profits will allow the
deferred tax asset to be recovered.

Deferred tax relating to items recognised
outside the statement of profit and loss is
recognised either in other comprehensive
income or in equity.

Deferred tax assets and deferred tax
liabilities are offset if a legally enforceable
right exists to set off current tax assets
against current tax liabilities and the
deferred taxes relate to the same taxable
entity and the same taxation authority.

H) Borrowing costs

Borrowing costs directly attributable to the
acquisition, construction or production of an
asset that necessarily takes a substantial period
of time to get ready for its intended use or sale
are capitalised as part of the cost of the asset.
All other borrowing costs are expensed in the
period in which they occur. Borrowing costs
consist of interest and other costs that an entity
incurs in connection with the borrowing of
funds.

Borrowing cost also includes exchange
differences to the extent regarded as an
adjustment to the borrowing costs.

I) Government Grants

Government grants are not recognised until
there is reasonable assurance that the Company
will comply with the conditions attached to them
and that the grants will be received. Government
grants are recognised in the Statement of
Profit and Loss on a systematic basis over
the years in which the Company recognises
as expenses the related costs for which the
grants are intended to compensate or when
performance obligations are met. The benefit
of a government loan at a below-market rate
of interest and effect of this favorable interest

is treated as a government grant. The Loan or
assistance is initially recognised at fair value
and the government grant is measured as the
difference between proceeds received and the
fair value of the loan based on prevailing market
interest rates and recognised to the Statement
of profit and loss immediately on fulfillment
of the performance obligations. The loan is
subsequently measured as per the accounting
policy applicable to financial liabilities.

J) Inventories

Inventories are valued at the lower of cost and
net realisable value.

Costs incurred in bringing each product to its
present location and condition are accounted
for as follows:

• Raw materials and packing materials,
Stores and spares parts and loose tools:
These are valued at lower of cost and net
realisable value. However, material and
other items held for use in production of
inventories are not written down below
cost if the finished products in which they
will be incorporated are expected to be
sold at or above cost. Cost includes cost
of purchase and other costs incurred in
bringing the inventories to their present
location and condition. Cost is determined
on first in first out (FIFO) basis.

• Finished goods and work in progress:
These are valued at lower of cost and net
realisable value. Cost includes cost of direct
materials and labour and a proportion
of manufacturing overheads based on
the normal operating capacity. Cost is
determined on first in first out (FIFO) basis.

• Stock-in-trade: These are valued at lower of
cost and net realisable value. Cost includes
cost of purchase and other costs incurred
in bringing the inventories to their present
location and condition. Cost is determined
on first in first out (FIFO) basis.

• Scrap: These are valued at net realisable
value. Net realisable value is the estimated

selling price in the ordinary course of
business, less estimated costs necessary to
make the sale.

Obsolete inventories are identified and written
down to net realisable value. Slow moving and
defective inventories,if any, are identified and
provided to net realisable value.

K) Leases

The determination of whether an arrangement
is (or contains) a lease is based on the substance
of the arrangement at the inception of the
lease. The arrangement is, or contains, a lease
if fulfilment of the arrangement is dependent
on the use of a specific asset or assets and the
arrangement conveys a right to use the asset or
assets, even if that right is not explicitly specified
in an arrangement.

Company as a lessee

A lease is classified at the inception date as a
finance lease or an operating lease. A lease that
transfers substantially all the risks and rewards
incidental to ownership to the Company is
classified as a finance lease.

Finance leases are capitalised at the
commencement of the lease at the inception
date fair value of the leased property or, if lower,
at the present value of the minimum lease
payments. Lease payments are apportioned
between finance charges and reduction of the
lease liability so as to achieve a constant rate of
interest on the remaining balance of the liability.
Finance charges are recognised in finance costs
in the statement of profit and loss, unless they
are directly attributable to qualifying assets, in
which case they are capitalized in accordance
with the Company's general policy on the
borrowing costs.

A leased asset including leasehold land is
depreciated over the useful life of the asset.
However, if there is no reasonable certainty that
the Company will obtain ownership by the end
of the lease term, the asset is depreciated over
the shorter of the estimated useful life of the
asset and the lease term.

Operating lease payments are recognised as an
expense in the statement of profit and loss on a
straight-line basis over the lease term.

L) Trade receivables

Trade receivables are amounts due from
customers for goods sold or services rendered
in the ordinary course of business. The company
holds the trade receivables with the objective
to collect contractual cash flows and therefore
measures them subsequently at amortised cost
using the effective interest method, less loss
allowance.

M) Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and in hand and short¬
term deposits with an original maturity of
three months or less, which are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows,
cash and cash equivalents consist of cash and
short-term deposits, as defined above.

N) Cash dividend distributions to equity holders

The Company recognises a liability to make
cash distributions to equity holders when the
distribution is authorised and the distribution
is no longer at the discretion of the Company.
As per the corporate laws in India, a distribution
is authorised when it is approved by the
shareholders. A corresponding amount is
recognised directly in equity.

O) Segment reporting
Identification of segments

Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker (CODM).
Only those business activities are identified
as operating segment for which the operating
results are regularly reviewed by the CODM to
make decisions about resource allocation and
performance measurement.

Segment accounting policies

The Company prepares its segment information
in conformity with the accounting policies
adopted for preparing and presenting the
financial statements of the Company as a whole.

P) Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a
financial liability or equity instrument of another
entity.

a) Financial Assets

i) Initial recognition and measurement

Financial assets are classified, at initial
recognition, as subsequently measured
either at amortised cost, fair value
through other comprehensive income
(OCI), and fair value through profit or loss.
The classification of financial assets at
initial recognition depends on the financial
asset's contractual cash flow characteristics
and the Company's business model for
managing them. With the exception of trade
receivables that do not contain a significant
financing component or for which the
Company has applied the practical
expedient, the Company initially
measures a financial asset at its fair value
plus, in the case of a financial asset not at
fair value through profit or loss, transaction
costs. Trade receivables that do not contain
a significant financing component or
for which the Company has applied the
practical expedient are measured at the
transaction price determined under Ind AS
115.

In order for a financial asset to be classified
and measured at amortised cost or fair value
through OCI, it needs to give rise to cash
flows that are 'solely payments of principal
and interest (SPPI)' on the principal amount
outstanding. This assessment is referred
to as the SPPI test and is performed at an
instrument level. Financial assets with cash
flows that are not SPPI are classified and
measured at fair value through profit or
loss, irrespective of the business model.
The Company's business model for
managing financial assets refers to how
it manages its financial assets in order
to generate cash flows. The business

model determines whether cash flows
will result from collecting contractual cash
flows, selling the financial assets, or both.
Financial assets classified and measured at
amortised cost are held within a business
model with the objective to hold financial
assets in order to collect contractual cash
flows while financial assets classified
and measured at fair value through OCI
are held within a business model with
the objective of both holding to collect
contractual cash flows and selling.
Purchases or sales of financial assets
that require delivery of assets within a
time frame established by regulation or
convention in the marketplace (regular way
trades) are recognised on the trade date,
i.e., the date that the Company commits to
purchase or sell the asset.

ii) Classification and subsequent measurement
Financial Assets :

For the purpose of subsequent
measurement, financial assets
are classified into the following
categories upon initial recognition:
Financial assets at amortised cost - a
financial instrument is measured at
amortised cost if both the following
conditions are met:

• The asset is held within a business
model whose objective is to hold
assets for collecting contractual cash
flows, and

• Contractual terms of the asset give
rise on specified dates to cash flows
that are solely payments of principal
and interest (SPPI) on the principal
amount outstanding.

After initial measurement, such financial
assets are subsequently measured at
amortised cost using the effective interest
method. Effective interest rate (EIR) is the
rate that exactly discounts estimated future
cash receipts through the expected life ofthe
financial asset to the net carrying amount of
the financial assets. The future cash flows
include all other transaction costs paid or

received, premiums or discounts if any, etc.
Investments in equity instruments of
subsidiaries and associates - Investments
in equity instruments of subsidiaries, joint
ventures and associates are accounted
for at cost in accordance with Ind AS 27
Separate Financial Statements. On disposal
of these investments, the difference

between net disposal proceeds and the
carrying amount are recognised in the
statement of profit and loss.

Financial assets at fair value

• Investments in equity instruments

other than above - All equity
investments in scope of Ind AS 109
are measured at fair value. Equity
instruments which are held for trading
are generally classified as at fair value
through profit and loss (FVTPL). For
all other equity instruments, the
Company decides to classify the same
either as at fair value through other
comprehensive income (FVOCI) or fair
value through profit and loss (FVTPL).
The Company makes such election
on an instrument-by-instrument
basis. The classification is made on
initial recognition and is irrevocable.
If the Company decides to classify an
equity instrument as at FVOCI, then all
fair value changes on the instrument,
excluding dividends, are recognised
in the other comprehensive income
(OCI). There is no recycling of the
amounts from OCI to profit or loss,
even on sale of investment. However,
the Company may transfer the
cumulative gain or loss within equity.
Dividends on such investments are
recognised in profit or loss unless the
dividend clearly represents a recovery
of part of the cost of the investment.

Equity instruments included within the
FVTPL category are measured at fair
value with all changes recognised in
profit or loss.

• Derivative assets - All derivative assets
are measured at fair value through
profit and loss (FVTPL).

iii) De-recognition of financial assets

A financial asset is primarily de-recognised
when the rights to receive cash flows
from the asset have expired or the
Company has transferred its rights to
receive cash flows from the asset.
Amortised cost is calculated by considering
any discount or premium on acquisition
and fees or costs that are an integral part
of the EIR. The effect of EIR amortisation is
included as finance costs in the statement
of profit and loss. All derivative liabilities
are measured at fair value through profit
and loss (FVTPL)."

Reclassification of financial assets

The Company determines classification
of financial assets and liabilities on initial
recognition. After initial recognition, no
reclassification is made for financial assets
which are equity instruments and financial
liabilities. For financial assets which are
debt instruments, a reclassification is made
only if there is a change in the business
model for managing those assets. Changes
to the business model are expected to
be infrequent. The Company's senior
management determines change in the
business model as a result of external or
internal changes which are significant to the
Company's operations. Such changes are
evident to external parties. A change in the
business model occurs when the Company
either begins or ceases to perform an
activity that is significant to its operations.
If the Company reclassifies financial assets,
it applies the reclassification prospectively
from the reclassification date which is the
first day of the immediately next reporting
period following the change in business
model. The Company does not restate any
previously recognised gains, losses (including
impairment gains or losses) or interest.

b) Financial Liabilities

i) Financial Liabilities at Fair Value through
Profit and Loss

Financial liabilities at fair value through
profit or loss include financial liabilities
held for trading and financial liabilities
designated upon initial recognition as at
fair value through profit or loss. Financial
liabilities are classified as held for trading
if they are incurred for the purpose
of repurchasing in the near term. This
category also includes derivative financial
instruments entered into by the Company
that are not designated as hedging
instruments in hedge relationships as
defined by Ind AS 109.

Gains or losses on liabilities held for
trading are recognised in the profit or
loss.

Financial liabilities designated upon initial
recognition at fair value through profit or
loss are designated as such at the initial
date of recognition, and only if the criteria
in Ind AS 109 are satisfied. For liabilities
designated as FVTPL, fair value gains/ losses
attributable to changes in own credit risk
are recognized in OCI. These gains/ loss are
not subsequently transferred to profit or
loss. However, the Company may transfer
the cumulative gain or loss within equity. All
other changes in fair value of such liability
are recognised in the statement of profit
and loss. The Company has designated
forward exchange contracts as at fair value
through profit or loss.

ii) Subsequent Measurement

After initial recognition, interest-bearing
loans and borrowings are subsequently
measured at amortised cost using the
effective interest rate (EIR) method. Gains
and losses are recognised in statement
of profit and loss when the liabilities are
derecognised as well as through the EIR
amortisation process.

Amortised cost is calculated by taking
into account any discount or premium
on acquisition and fees or costs that
are an integral part of the EIR. The EIR
amortisation is included as finance costs in
the statement of profit and loss.

iii) Derecognition of Financial Liabilities

A financial liability is derecognised when the
obligation under the liability is discharged
or cancelled or expires. When an existing
financial liability is replaced by another
from the same lender on substantially
different terms, or the terms of an existing
liability are substantially modified, such
an exchange or modification is treated as
the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying
amounts is recognised in the statement of
profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities
are offset and the net amount is
reported in the balance sheet if there
is a currently enforceable legal right to
offset the recognised amounts and there
is an intention to settle on a net basis, to
realize the assets and settle the liabilities
simultaneously.

Q) Impairment of Financial Assets

All financial assets except for those at FVTPL
are subject to review for impairment at each
reporting date to identify whether there is
any objective evidence that a financial asset
or a group of financial assets is impaired.
Different criteria to determine impairment are
applied for each category of financial assets.
In accordance with Ind AS 109, the Company
applies expected credit loss (ECL) model for
measurement and recognition of impairment
loss for financial assets carried at amortised
cost. ECL is the weighted average of difference
between all contractual cash flows that are due
to the Company in accordance with the contract

and all the cash flows that the Company expects
to receive, discounted at the original effective
interest rate, with the respective risks of default
occurring as the weights. When estimating the
cash flows, the Company is required to consider

• All contractual terms of the financial assets
(including prepayment and extension) over
the expected life of the assets.

• Cash flows from the sale of collateral held
or other credit enhancements that are
integral to the contractual terms.

R) Cash Flow Statement

Cash flows are reported using the indirect
method, whereby profit for the period is
adjusted for the effects of transactions of a non¬
cash nature, any deferrals or accruals of past
or future operating cash receipts or payments

vi. The company has passed a special resolution in Extra Ordinary General Meeting (EOGM) on November 24, 2023
to split its Equity Shares having face value of ' 10 each into new face value of ' 5 each. Further, in the above
mentioned EOGM a resolution for issuance of Bonus Shares in ratio of 6:1 was also approved. Therefore, number
of shares outstanding at the beginning of the year has been considered after taking the effect of split of shares.
Shares issued during the previous year represents the Bonus shares issued by the company in the ratio of 6:1 to
all existing eligible shareholders.

18.2 Terms/rights attached to shares of the Company:

i. During the financial year 2024-25, the Company successfully completed its Initial Public Offering (IPO) of 2,91,01,562
equity shares of face value ' 5 each at an issue price of ' 256 per share, aggregating to ' 7,450.00 Million.

The equity shares of the Company were listed on the BSE and NSE on July 10, 2024.

The IPO proceeds, net of issue-related expenses, have been utilized in accordance with the objects of the issue as
stated in the prospectus.

ii. The Company has only one class of equity shares referred to as equity shares having a par value of ' 5 each, holder
of equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.
The distribution will be in proportion to the number of equity shares held by the shareholders.

iii. In the Financial year 2018-19, the Company issued 280000 6% Non Convertible non cumulative Redeemable
Preference Shares (NCRPS) at issue price of ' 250 per share (including a premium of ' 240 per share). The said
shares and premium there on has been classified as borrowings while restating the Financial Statements according
to IndAS from previous GAAP. These Preference Shares were fully redeemed during the financial year 2023-24.

iv. The Authroised Equity Share Capital of the company was increased during the financial year 2023-24 from ' 210.00
Million to ' 890.00 Million.

v. There are no calls unpaid and no forfeiture of shares.

Nature and purpose of reserves

(a) Securities Premium Account : Amount received in excess of face value of the equity shares is recognised in
Securities Premium Account.

(b) Retained Earnings: Retained earnings are the profits that the Company has earned till date less, transferred
to Capital Redemption Reserve, dividends or other distributions to shareholders if any.

(c) Capital Redemption Reserve: Capital Redemption Reserve created under the provisions of the Companies
Act, 2013 upon Buy Back of Shares and redemption of Preference Shares by the company.

(d) Other Comprehensive Income( OCI ) : OCI represents balance arising on account of Gain / (Loss) booked on
re-measurement of Defind Benefit Plans in accordance with Ind AS-19.

i. The Company has redeemed 280000 6% Non Convertible Non Cumulative Redeemable Preference
Shares (NCRPS) at a price of ' 250 per share which included face value of ' 10 each at a premium of ' 240
per share in F.Y. 23-24. On redemption of preference shares company have created Capital Redemption
Reserve of ' 2.80 Million out of Retained Earnings.

ii. During the previous year company has issued 6 fully paid-up bonus equity shares for each equity share
held (i.e. in the ratio of 6:1). For issuance of Bonus Shares, company have utilized balance in Securities
Premium Reserve, Capital Redemption Reserve and balance amount from Retained Earnings.

iii. During the year, the Company successfully completed its Initial Public Offering (IPO) and was listed on the
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on July 10, 2024.

The Company issued equity shares at a price of '256 per share, which included a securities premium
component of '251 per share over the face value of the shares. The proceeds received as securities
premium were utilized towards IPO-related expenses in accordance with The Companies Act, 2013.

20.1 Repayment terms and security disclosure for the outstanding long-term borrowings :

a From bank
Term Loan

1. The Company has obtained the Sanction of Term Loan of ' 100 Crores towards the project at Dadri Gautam

Budh Nagar (U.P.) from State Bank of India and HDFC Bank Limited in the FY 2024-25 and the previous loan

balance is outstanding of ' 17.18 crores of HDFC and the balance have been paid by the company .

- A first mortgage and charge on all Borrower's immovable properties (owned and/or leased), present and
future, together with all structures and appurtenances thereon, present and future, pertaining to the
Dadri unit located at N T P C Road, Dadri, Gautam Budh Nagar,U.P.

- A first charge {by way of hypothecation} on all Borrower's tangible movable assets, including movable plant
and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles and all other movable
assets, present and future pertaining to the Dadri unit located at N T P C Road, Dadri, Gautam Budh Nagar,U.P.

- A second pari passu charge on all Borrower's current assets and receivables including book debts,
operating cash flows, receivables of whatsoever nature and wherever arising, present and future
pertaining to the Company;

- A second pari passu charge on all Borrower's immovable properties and movable assets, where existing
lenders have first charge.

- Corporate Guarantee of Group Companies & Personal Guarantee from Promoters.
b Vehicle Loan

All the Vehicle Loans are secured by way of hypothecation of Vehicle purchased from loan proceeds.
c Unsecured

The Company has the Term Loans for its Dadri Project under Consortium Arrangement in which State Bank of India
is a Lead Bank and HDFC Bank Limited is a Member Bank and as per the terms of Consortium Arrangements, the
Company have to infuse Unsecured Borrowings and the same to be subordinated to the facility in all respect.

d The proceeds received from the Initial Public Offering (IPO) have been utilized for the repayment of borrowings, in
accordance with the objects of the issue as stated in the offer document. The utilization of funds is in line with the
proposed allocation outlined in the prospectus, and the Company has complied with the applicable provisions of
the Companies Act, 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

B Fair values hierarchy

The fair value of financial instruments as referred to in note (A) above has been classified into three categories
depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices
in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable
inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly (i.e., as prices) or indirectly (i.e., derived from prices) observable market inputs, other than
Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in
whole or in part using a net asset value or valuation model based on assumptions that are neither supported by prices
from observable current market transactions in the same instrument nor are they based on available market data.

B.1 Financial assets and liabilities measured at fair value - recurring fair value measurements

On the adoption of IndAS for first time, Company has not measured its Assets and Liabilities at Fair Value and the
same policy has been adopted by the company for the year.

(a) The carrying amount loans, investment, trade receivables, other bank balances, cash and cash equivalents,
trade payables and other financial liabilities which are short term in nature are considered to same as
their fair values.

(b) All the long term borrowing facilities availed by the Company from unrelated parties are fixed rate facilities
which are not subject to changes in underlying interest rate indices. Current borrowing rate is similar to the
fixed rate of interest on these facilities, hence fair value is not significantly different from the carrying value.

(c) All financial assets and financial liabilities are classified as level 3 fair values in the fair value hierarchy due to
the use of unobservable inputs, including own credit risk.

C Financial Risk Management

Risk Management

The Company's activities expose it to market risk, liquidity risk and credit risk. The Company's board of directors has
overall responsibility for the establishment and oversight of the Company's risk management framework. This note
explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related
impact in the financial statements.

The Company's risk management is carried out under policies approved by the board of directors. The board of
directors provides written principles for overall risk management, as well as policies covering specific areas, such
as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.

C.1 Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company's exposure
to credit risk is influenced mainly by investments in redeemable preference shares, cash and cash equivalents, trade
receivables, derivative financial instruments and other financial assets measured at amortised cost. The Company
continuously monitors defaults of customers and other counterparties and incorporates this information into its
credit risk controls.

(a) Credit risk management

The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating
is performed for each class of financial instruments with different characteristics. The Company assigns the
following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific
to the class of financial assets.

(i) Low credit risk

(ii) Moderate credit risk

(iii) High credit risk

Based on business environment in which the Company operates, a default on a financial asset is considered
when the counter party fails to make payments within the agreed time period as per contract. Loss rates
reflecting defaults are based on actual credit loss experience and considering differences between current and
historical economic conditions.

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring
bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose
balances are written off and attempts to enforce repayment. Recoveries made are recognised in statement of
profit and loss.

Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated
banks and diversifying bank deposits and accounts in different banks across the country.

Derivative financial instruments

Derivative financial instruments are considered to have low credit risk since the contracts are with reputable
financial institutions.

Trade receivables

Trade receivables are generally unsecured and non-interest bearing. There is no significant concentration of
credit risk. The Company's credit risk management policy in relation to trade receivables involves periodically
assessing the financial reliability of customers, taking into account their financial position, past experience and
other factors. The utilization of credit limit is regularly monitored. The Company's credit risk is mainly confined
to the risk of customers defaulting against credit sales made. Outstanding trade receivables are regularly
monitored by credit monitoring Company. In respect of trade receivables, the Company recognises a provision
for lifetime expected credit losses after evaluating the individual probabilities of default of its customers which
are duly based on the inputs received from the marketing teams of the Company.

Other financial assets measured at amortised cost

Loans and other financial assets are considered to have low credit risk since there is a low risk of default
by the counterparties owing to their strong capacity to meet contractual cash flow obligations in the near
term. Credit risk related to these other financial assets is managed by monitoring the recoverability of such
amounts continuously, while at the same time internal control system in place ensure the amounts are within
defined limits.

(b) Expected credit losses for financial assets
(i) Financial assets (other than trade receivables)

Company provides for expected credit losses on loans other than trade receivables by assessing individual
financial instruments for expectation of any credit losses.

- For cash & cash equivalents, other bank balances and derivative financial instruments- Since the Company
dealswithonlyhigh-ratedbanksandfinancialinstitutions,creditriskinrespectofcashandcashequivalents,
derivative financial instruments, other bank balances and bank deposits is evaluated as very low.

- For loans comprising security deposits paid - Credit risk is considered low because the Company is in
possession of the underlying asset.

- For other financial assets - Credit risk is evaluated based on Company knowledge of the credit worthiness
of those parties and loss allowance is measured. For such financial assets, the Company policy is to
provide for 12 month expected credit losses upon initial recognition and provide for lifetime expected
credit losses upon significant increase in credit risk.

C.2 Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company approach to managing
liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the Company liquidity position and cash and cash equivalents on the basis
of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

(a) Maturities of financial liabilities

The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their
contractual maturities.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12
months equal their carrying balances as the impact of discounting is not significant:

(ii) Financial assets

The Company's loan to a employees, other parties and deposits with banks are carried at amortised cost
and are fixed rate instruments. They are, therefore, not subject to interest rate risk as defined in Ind AS
107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in
market interest rates.

(b) Foreign currency risk

The Company is exposed to foreign exchange risk in the normal course of its business. Multiple currency
exposures arise from commercial transactions like sales, purchases, borrowings, recognized financial assets
and liabilities (monetary items). Certain transactions of the Company act as natural hedge as a portion of both
assets and liabilities are denominated in similar foreign currencies. For the remaining exposure to foreign
exchange risk, the Company adopts the policy of selective hedging based on risk perception of management.
Foreign exchange hedging contracts are carried at fair value. Foreign currency exposures that are not hedged
by derivative instruments outstanding as on the balance sheet date are as under:

C.3 Market risk

(a) Interest rate risk

(i) Financial liabilities

The Company's policy is to minimise interest rate cash flow risk exposures on external financing. As at
March 31, 2025, the Company is not exposed to changes in interest rates as all bank borrowings carry
fixed interest rates. The Company's investments in fixed deposits carry fixed interest rates.

44 CAPITAL MANAGEMENT

The Company's capital management objectives are to ensure the long term sustenance of the Company as a
going concern while maintaining healthy capital ratios, strong external credit rating and to maximise the return
for stakeholders.

The Company manages its capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue
new shares or sell assets to reduce debt. The Company also judiciously manages its capital allocations towards
different various purposes viz. sustenance, expansion, strategic acquisition/ initiatives and/ or to monetize
market opportunities.

48 CONTINGENT LIABILITIES AND COMMITMENTS

(A) Contingent liabilities

a. The Company has Bill Discounting facitily, unsecured in nature, from South Indian Bank and the amount in
respect of bills pending for collection in the hands of Banks as on March 31, 2025 are ' 117.11 Millions for
South Indian Bank ( Previous year ' 148.38 Millions.)

b. The Company has given Bank Guarantess amounting to ' 92.60 Millions at the end of the year (Previous year
70.45 Million).These guarantees are taken for the normal course of business of the company. Moreover, the
company has not incurred any liabilities as of reporting date related to these guarantees. However, they
represents optional future obligation that may arise if the counter party fails to fulfill its contractual obligations.

C The seizure of our vehicle by the Uttarakhand GST department for insufficient documentation received,that
time we paid '637,200. We then submitted a refund appeal, which has been approved, and a refund order was
issued on April 4, 2025.

(B) Commitments

a. Capital Commitments : As at March 31, 2025, the estimated capital commitment, not provided for in the
accounts however net of advances, of ' 449.15 Millions (Previous year ' 636.50 Millions)

b. The company has imported certain capital goods items under the export promotion capital goods scheme
(EPCG) to utilize the benefit of a NIL or concessional Import custom duty rates. These benefits are subject to
certain future export obligation within the stipulated years. Such Export obligation at year end aggregated to
' 1945.89 Million (previous year ' 996.72 Million).

Explanation of variance exceeding 25%:-

1. Debt-Equity Ratio is decreased on account of increase in share capital and repayment of borrowings.

2. Trade Payable Turnover Ratio has been decreased due to increases in the Trade payables during the period.

3. Net Capital Turnover Ratio improved due to reduction in current ratio of the company.

4. Net Profit Ratio is increased on account of increase in profitability of the Company.

53 OTHER STATUTORY INFORMATION

53.01 The Company does not have any transactions and outstanding balances during the current as well previous year
with Companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

53.02 Previous year's figures have been regrouped/reclassified wherever necessary to confirm to current period
classification.

53.03 The Code on Social Security, 2020 ("the Code") relating to employee benefits during employment and
post-employment received Presidential assent in September 2020. Subsequently, the Ministry of Labour and
Employment had released the draft rules on the aforementioned Code. However, the same is yet to be notified.
The Company will evaluate the impact and make necessary adjustments to the financial statements in the period
when the Code will be notified and will come into effect.

53.04 The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

53.05 The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies
(ROC) beyond the statutory period.

53.06 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

53.07 The Company has not any excluded such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

53.08 The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as
defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful
defaulters issued by the Reserve Bank of India.

53.09 The Company has not received any fund from any person or any entity, including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by a or
on behalf of the Funding Party (Ultimate Beneficiaries); or

ii. Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

53.10 The Company has not advanced or loaned or invested funds to any person or any entity, including foreign entities
(Intermediaries) with the understanding that the intermediary shall:

i. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by a or
on behalf of the Company (Ultimate Beneficiaries); or

ii. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

I issue related expenses (net of GST) amounting to ' 404.21 Million have been adjusted against securities
premium as per Section 52 of Company Act,2013.

II The original estimated issue expenses were ' 520.57 million, however the actual issue expenses being less
than estimated, as disclosed in the prospectus dated July 5, 2024 and therefore, the surplus issue expenses
of ' 41.10 million has been allocated towards General Corporate Purpose and corresponding reduction in
issue expenses.

The accompanying notes are an integral part of the standalone financial statements.

As per our report of even date On behalf of the Board of Directors of

For Prateek Gupta & Company BANSAL WIRE INDUSTRIES LIMITED

Chartered Accountants

Firm Registration No.: 016512C

(Prateek Gupta) (Arun Gupta) (Pranav Bansal)

Partner Chairman & Whole Time Director Managing Director & Chief Executive Officer

Membership No..416552 DIN: 00255850 DIN: 06648163

(Ghanshyam Das Gujrati) (Sumit Gupta)

Place: Delhi Chief Financial Officer Company Secretary & Compliance Officer

Date: May 20, 2025 PAN: ACMPG8015B M.No. A29247